The Daily bulletin. [volume] (Honolulu [Hawaii]) 1882-1895, 1887-04-08
Che 9aily 8mlletim.
FRIDAY. APRIL 8. 1887.
the BANK OF FRANCE.

Next TO the Bank OF England, the
Bank of France is the largest and
most important of all the other
banks in Europe. Occupying very
nearly the same position in France
as the Bank of England does in this
country, it is in many respects
similar, and performs for the coun-
try the same kind of duties. The
public moneys are deposited with
the Bank of France; it alone has
the sole right Of issuing notes in
that country. (This is what Sir
Robert Peel would have attached to
the privileges of the Bank of Eng
land, if he had been able; but
usage and vested interests were too
powerfully Its capital is possessed
by proprietary whose liabilities
are of q similar nature to those of
any other banking institution. 1t
opens accounts with properly intro
duced persons and keeps in its
Golfers the metallic reserves.
Having mentioned these analogies
between these two great banks,
there are points where their conduct
DIVORCES. The transactions of the
Bank of England are on a larger
scale, owing to the larger mercantile
operations in this country. The
commercial habits of the French are
plainly indicated in the class of bill
business which their chief bank UNI
dertakes. During the whole of last
year, it discounted no fewer than
1,590,S39 bills under "a, most of
them payable at private addresses.
1t is an unusual thing for an Eng
fish banker to take bill under f10,
ana he will require satisfactory rea-
sons for discounting bills payable
at private addresses. 1t is pre-
sumed here that in such case the
acceptor cannot be substantial
man or he would have banker.
Another point of divergence,
again is in the government of the
bank, wherein the French have
shown their belief in the efficiency
and effectiveness of Government
control. Our own Government can
not in any way interfere with the
operations of the Bank of England,
except in respect of it's note issue.
The French Bank is presided over
by Governor, appointed by the
Government, who also appoints the
two Deputy Governors. The three
highest offices are thus held by
Government men; and the Office of
the Governor is held for life. 1t is
his duty to see that the obligations
imposed on the bank by the Govern
ment are in all respects carried ont,
and to act as the connecting link
between it and the Government.
In addition to Governor and two
Deputy Governors, the General AS
sembly, consisting of two hundred
of the largest shareholders, elect
the General Council, which is made
up of fifteen Regents and three
Censors. The manufacturing and
trading interests are supposed to be
duly represented in the Council, for
five of the Regents must be chosen
from each of these bodies. There
is yet another committee of twelve
persons, who must be shareholders
carrying on business in Paris, APP
pointed by the Censors. This COM
mittee has the responsibility of ex-
aiming and passing all the bills
taken for discount.
The bank was established in 1903
by the Emperor Napoleon Bona
parte. Its constitution has been
slightly modified from time to time,
as circumstances have required. 1t
has been successfully and prudently
managed, though there have been
times when its existence has been
threatened. In 1848, during the
revolution, it made large advances
to the Government and to the city
of Paris, which, combined with a
severe drain on its gold, strained
it's resources to so great an extent
that it was compelled to suspend
specie payments. 10 lessen the
evil of this measure and limit the
Inconvenience arising therefrom its
notes were made and have continued
to be legal TENDER Chambers